GE Vernova has agreed to buy Trench Group from Triton Partners for $9 billion, paying half in cash and half in debt, with closing expected in late 2027. In the third quarter, orders rose 96% organically and backlog grew $20 billion in a single quarter to $197 billion, with management expecting it to pass $200 billion in Q4. Trench makes bushings, instrument transformers and coils, serves more than 800 utilities and hyperscalers, has a backlog of nearly $5 billion, and already supplies GE Vernova as well as Siemens Energy and Hitachi Energy. The article argues the deal gives GE Vernova control of a bottleneck in grid equipment needed for AI data centers. The company also raised its full-year targets, generated $5.4 billion in free cash flow versus $732 million a year earlier, and doubled its stock buyback plan to $20 billion.
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